Tether
Launches New Stablecoin to Support Offshore Chinese Yuan
iFinex subsidiary and
fiat-collateralized stablecoin issuer Tether announced on Monday “the addition of
offshore Chinese yuan (CNH) to [its] basket of supported currencies, and the
launch of a new stablecoin, CNH₮.”
CNH₮ will run atop the Ethereum
blockchain and is compliant with Ethereum’s ERC-20 token standard. The
primary difference between the offshore yuan and the onshore yuan is the fact
that the former can be traded freely on foreign currency markets and is not
directly affected by monetary policy decisions made by the People’s Bank of
China.
